The week of June 22 through June 28, 2026.
The bottom line
Bitcoin had its worst week in months, falling to a 21-month low near $58,000 before steadying just under $60,000, down about 6.4%. A hotter inflation reading led investors to expect the Federal Reserve to keep rates high, and money kept flowing out of Bitcoin ETFs, which are on pace for their worst month on record. Stocks and gold fell too, so this was a broad pullback rather than a Bitcoin-specific break.
The headline
Bitcoin fell to its lowest level in 21 months last week, sliding beneath $60,000 after a hotter-than-expected US inflation reading reset rate expectations toward another Federal Reserve hike. The price reached a low near $58,200 on Thursday before steadying, closing the week and the second quarter just under $60,000, down about 6.4%. As of Monday morning it was trading just below $60,000, with spot Bitcoin ETFs on track for their worst month on record and some analysts pointing to a bullish momentum divergence of the kind that has marked past cycle lows.
Price and macro backdrop
Bitcoin opened the week near $64,100 and closed at about $59,945, a swing that ran from a high near $65,500 on Monday to the $58,200 low on Thursday. The decline was broad rather than isolated. The S&P 500 fell about 2% on the week and gold gave back about 4%, while the VIX volatility index rose from roughly 17.3 to 18.4, spiking to 20.3 on Friday. Bitcoin’s 30-day correlation to the S&P 500 sat at 0.52, a coupled regime, and its correlation to gold was looser at 0.40. Strategy, the listed Bitcoin treasury company formerly known as MicroStrategy, took the hardest hit of the cohort: its shares fell about 27% on the week, from roughly $112.50 to about $82.30, breaking below $100 for the first time since early 2024 and trading at a discount to the value of its Bitcoin holdings.
The macro tape did the damage. A firmer inflation print pushed markets to price a higher path for policy, and the dollar strengthened, with the index up about 0.8% on the week. Real yields stayed positive, the 10-year real rate near 2.19%, with the federal funds rate at 3.63% and headline inflation running about 4.2% year over year. Net liquidity across the financial system contracted modestly week over week.
What the move was not is a credit event. The Chicago Fed’s financial conditions index sat at -0.52, looser than its historical average, the St. Louis stress index was well below zero at -0.85, and high-yield credit spreads held near 2.78%, tight by any standard. The repricing was psychological and flow-driven, the market discounting a less friendly Fed and pulling money out of a crowded trade, not a seizing-up of credit. That distinction matters: the structure underneath the selloff stayed intact even as sentiment broke down.
Technical setup
On the daily chart the picture was deeply oversold. The 14-day relative strength reading fell to about 33, price sat roughly 20.6% below its 200-day average, and the close pressed against the lower edge of its volatility band. The shorter intraday frame told a more constructive story by Monday morning: the hourly relative strength reading had recovered to near 54 and short-term momentum had turned higher, with price stabilizing back at its 50-period average. A daily downtrend meeting an intraday bounce off support is the textbook shape of a market trying to find a floor without yet confirming one.
ETF flows
The spot ETF complex bled steadily. Across the four reporting days in the window, the funds shed about $1.72 billion on net. BlackRock’s IBIT accounted for roughly two-thirds of that alone, about $1.13 billion, including a single-day redemption near $445 million on Friday. Fidelity’s FBTC lost about $372 million, ARKB about $102 million, and Grayscale’s GBTC about $54 million. Only two small funds finished the week positive.
The weekly numbers fit the larger story that ran through the news all week: a sixth straight week of outflows and a 30-day redemption total that several outlets described as the worst month on record for the category, with one-year cumulative flows turning negative for the first time since 2023. At current scale, the largest fund’s selling has become a source of overhead supply near $60,000 rather than the steady bid it was a year ago.
On-chain and mempool
The network itself showed no stress. Hashrate rose about 3.7% on the week to roughly 857 exahashes per second, averaging near 996, a reminder that miner commitment has not followed price lower even with Bitcoin trading well under the cohort’s estimated production cost. Transaction demand was quiet. Mempool fees sat at the floor of 1 satoshi per vbyte for the entire week, an empty-blockspace regime with no congestion to speak of, and the count of pending transactions drifted down about 6%. For anyone moving coins, it was an inexpensive week to transact.
Derivatives
Leverage positioning flipped. Perpetual funding had averaged mildly negative over the prior seven days, around -0.005% per interval, meaning traders were paying to hold short exposure, and it crossed back to marginally positive, near +0.003%, at the latest read. That sign change is the kind of setup that can precede a squeeze when shorts are crowded, though it is an early signal rather than a confirmation. On the regulated side, CFTC data showed open interest at 102,770 Bitcoin as of the June 23 report, about $6.2 billion notional, with total open interest across venues near $6.1 billion.
Order book regime
Microstructure stayed orderly through the decline. Order-book depth on both sides held above the 24-hour average, bids and asks each near 6 Bitcoin within 1% of the mid price against a 24-hour average closer to 4.3 and 4.9, which means liquidity was being replenished rather than pulled as price fell. The spread stayed tight, well inside its 24-hour average, and the imbalance between buy and sell pressure was essentially neutral, with a slight structural lean toward the ask side. No single wall persisted; the dominant resting orders flipped between bid and ask through the session. An orderly book during a drawdown points to distribution, not panic.
News and policy threads
The hinge of the week was the inflation surprise and the rate repricing that followed, which is what broke $60,000 support after an earlier risk-off leg dragged Bitcoin toward that level alongside a sharp selloff in technology shares. The second recurring thread was Strategy. Its preferred shares fell sharply, its market value briefly dipped below the value of its Bitcoin stack, and the debate over whether the company should pause buying or even sell played out in public, with one research desk calling for a multibillion-dollar sale and Michael Saylor signaling another purchase instead.
Underneath the price action, on-chain analysts catalogued capitulation signals: a record amount of supply held at a loss, short-term holder stress at multi-year highs, and apparent demand negative for months, set against long-term holders pausing their selling at the lowest pace in well over a year. Policy and security threads rounded out the week, including a proposal from Binance’s founder to freeze early dormant coins over long-run quantum risk, a US executive order mandating post-quantum cryptography across federal systems, a new state-backed national mining pool in Oman, and fresh European licenses for two Bitcoin firms under the MiCA framework.
The week ahead
The calendar is the thing to watch. The next consumer price report lands on July 15, about two weeks out, and given that an inflation surprise is what set the past week in motion, that print is the most important near-term catalyst. The next Federal Reserve meeting follows on July 28. With the market now leaning toward a firmer policy path, both events carry more weight than they would have a month ago, and Bitcoin’s elevated correlation to equities means it is likely to trade off the same headlines. The structure underneath remains intact; whether sentiment follows depends largely on what the data says next.
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onlyhashes.com publishes a weekly Bitcoin review every Monday morning. The data behind this post is generated by Bitcoin Sidekick’s OreRelay infrastructure: Bitcoin-only, no third-party trackers, no altcoins. Disclosures: this is editorial commentary on publicly available market data; nothing in this post is investment advice.